GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the
“Company”), a pioneer of global end-to-end B2B ecommerce solutions
for large parcel merchandise, today announced its unaudited
financial results for the quarter and the fiscal year ended
December 31, 2023.
Fourth Quarter
2023 Financial Highlights
- Total revenues were
$244.7 million in the fourth quarter of 2023, an increase of 94.8%
from $125.6 million in the fourth quarter of 2022.
- Gross profit was
$69.8 million in the fourth quarter of 2023, an increase of
161.4% from $26.7 million in the fourth quarter of 2022.
Gross margin increased to 28.5% in the fourth
quarter of 2023 from 21.2% in the fourth quarter of 2022.
- Net income was
$35.6 million in the fourth quarter of 2023, an increase of
184.8% from $12.5 million in the fourth quarter of 2022.
Net income margin increased to 14.5% in the fourth
quarter of 2023 from 9.9% in the fourth quarter of 2022.
- Cash was
$183.3 million and restricted cash was
$0.9 million as of December 31, 2023, compared to
$143.5 million and $1.5 million as of December 31,
2022, respectively.
- Adjusted
EBITDA1 was $43.8 million in the
fourth quarter of 2023, an increase of 188.2% from
$15.2 million in the fourth quarter of 2022.
Full year 2023
Financial Highlights
- Total revenues were
$703.8 million for the full year of 2023, an increase of 43.6% from
$490.1 million for the full year of 2022.
- Gross profit was
$188.6 million for the full year of 2023, an increase of 127.0%
from $83.1 million for the full year of 2022. Gross
margin increase from 17.0% in 2022 to 26.8% in 2023.
- Net income was $94.1
million for the full year of 2023, an increase of 292.1% from $24.0
million for the full year of 2022. Net income
margin increased to 13.4% for the full year of 2023 from
4.9% for the full year of 2022.
- Adjusted EBITDA1 was
$118.3 million for the full year of 2023, an increase of 183.0%
from $41.8 million for the full year of 2022.
Operational Highlights
- GigaCloud Marketplace
GMV2 was $794.4 million in the 12 months ended
December 31, 2023, an increase of 53.3% from
$518.2 million in the 12 months ended December 31,
2022.
- Active 3P sellers3
were 815 in the 12 months ended December 31, 2023, an increase
of 45.5% from 560 in the 12 months ended December 31,
2022.
- Active buyers4 were
5,010 in the 12 months ended December 31, 2023, an increase of
20.5% from 4,156 in the 12 months ended December 31,
2022.
- Spend per active
buyer5 was $158,569 in the 12 months ended
December 31, 2023, an increase of 27.2% from $124,692 in the
12 months ended December 31, 2022.
- 3P seller GigaCloud Marketplace
GMV6 was $426.3 million in the 12 months ended
December 31, 2023, an increase of 65.4% from
$257.7 million in the 12 months ended December 31, 2022.
3P seller GigaCloud Marketplace GMV represented 53.7% of total
GigaCloud Marketplace GMV in the 12 months ended December 31,
2023.
“The fourth quarter saw our highest quarterly revenue in the
company history, up almost 95% year-over-year, representing an
inflection point in the size and scale of GigaCloud,” said Larry
Wu, Founder, Chairman, and Chief Executive Officer of GigaCloud.
“The integration of Noble House and Wondersign marks as a
significant step forward in our global expansion. This move
elevates our presence across diverse geographies, broadens our
product portfolio with premium SKUs, integrates innovative
technology, and expands our business network. Together, these
efforts, coupled with our organic growth, propel us towards a new
era of industry leadership. We combine our supplier fulfilled
retailing business model, which streamlines every step of the
supply chain journey, with ongoing research and development focused
on leveraging advanced algorithms to further optimize our robust
cloud infrastructure. This strategic combination empowers us to
deliver an exceptional B2B selling and sourcing experience for all
marketplace participants. Moving forward, we are confident in our
ability to create a sustainable, more efficient global supply chain
for large parcel merchandise.”
Fourth Quarter 2023 Financial Results
Revenues
Total revenues were $244.7 million in the fourth quarter of
2023, increased by 94.8% from $125.6 million in the fourth
quarter of 2022. The increase was primarily due to an increase in
market demand for large parcel merchandise, leading to increases in
our GigaCloud Marketplace GMV, sales volume and number of sellers
and buyers.
- Service revenue from GigaCloud 3P was
$69.3 million in the fourth quarter of 2023, increased by
92.0% from $36.1 million in the fourth quarter of 2022. The
increase was primarily due to an increase in revenue from last-mile
delivery services by 69.1% from $21.7 million in the fourth
quarter of 2022 to $36.7 million in the fourth quarter of
2023, an increase in revenue from ocean transportation services by
81.0% from $4.2 million in the fourth quarter of 2022 to
$7.6 million in the fourth quarter of 2023, an increase in
revenue from packaging service by 122.2% from $2.7 million in the
fourth quarter of 2022 to $6.0 million in the fourth quarter of
2023, and an increase in revenue from warehouse services by 43.4%
from $5.3 million in the fourth quarter of 2022 to
$7.6 million in the fourth quarter of 2023.
- Product revenue from GigaCloud 1P was
$88.3 million in the fourth quarter of 2023, increased by
50.9% from $58.5 million in the fourth quarter of 2022. The
increase was primarily due to increases in the number of buyers and
spend per active buyer.
- Product revenue from off-platform
ecommerce was $87.0 million in the fourth quarter of 2023,
increased by 179.7% from $31.1 million in the fourth quarter
of 2022. The increase was primarily due to increases in the number
of sales channels and the sales in certain third-party off-platform
ecommerce.
Cost of Revenues
Cost of revenues was $174.9 million in the fourth quarter
of 2023, increased by 76.8% from $98.9 million in the fourth
quarter of 2022.
- Cost of services increased by 91.6%
from $29.9 million in the fourth quarter of 2022 to
$57.3 million in the fourth quarter of 2023, primarily due to
an increase in delivery cost by 98.3% from $22.9 million in
the fourth quarter of 2022 to $45.4 million in the fourth
quarter of 2023 consistent with the increase in our sales, an
increase in rental cost by 65.1% from $4.3 million in the fourth
quarter of 2022 to $7.1 million in the fourth quarter of 2023 as we
increased the number of warehouses to 33 globally in the fourth
quarter of 2023, and an increase in staff cost by 115.4% from
$1.3 million in the fourth quarter of 2022 to
$2.8 million in the fourth quarter of 2023 as the Company is
expanding.
- Cost of product sales increased by
70.4% from $69.0 million in the fourth quarter of 2022 to
$117.6 million in the fourth quarter of 2023, primarily due to
an increase in product cost by 67.5% from $52.3 million in the
fourth quarter of 2022 to $87.6 million in the fourth quarter of
2023 consistent with the increase in our sales, an increase in
rental cost by 184.2% from $3.8 million in the fourth quarter of
2022 to $10.8 million in the fourth quarter of 2023 as we increased
the number of warehouses to 33 globally in the fourth quarter of
2023, and an increase in delivery costs by 20.4% from
$9.8 million in the fourth quarter of 2022 to
$11.8 million in the fourth quarter of 2023.
Gross Profit and Gross Margin
Gross profit was $69.8 million in the fourth quarter of
2023, increased by 161.4% from $26.7 million in the fourth
quarter of 2022. Gross margin increased to 28.5% in the fourth
quarter of 2023 from 21.2% in the fourth quarter of 2022.
Operating Expenses
Total operating expenses were $32.7 million in the fourth
quarter of 2023, increased by 181.9% from $11.6 million in the
fourth quarter of 2022.
- Selling and marketing expenses were
$14.0 million in the fourth quarter of 2023, increased by
122.2% from $6.3 million in the fourth quarter of 2022. The
increase was primarily due to an increase in platform service fee
we incurred to certain third-party ecommerce websites by 173.9%
from $2.3 million in the fourth quarter of 2022 to
$6.3 million in the fourth quarter of 2023, an increase in
staff cost related to selling and marketing personnel by 50.0% from
$3.4 million in the fourth quarter of 2022 to
$5.1 million in the fourth quarter of 2023, and an increase in
advertising and promotion expense by 340.0% from $0.5 million in
the fourth quarter of 2022 to $2.2 million in the fourth quarter of
2023.
- General and administrative expenses
were $13.1 million in the fourth quarter of 2023, increased by
235.9% from $3.9 million in the fourth quarter of 2022. The
increase was primarily due to an increase in staff cost by 178.3%
from $2.3 million in the fourth quarter of 2022 to
$6.4 million in the fourth quarter of 2023, an increase in
professional service expense by 311.1% from $0.9 million in the
fourth quarter of 2022 to $3.7 million in the fourth quarter of
2023 as the Company engaged professional services for its financial
and legal advisors in the fourth quarter of 2023.
- Research and development expenses were
$2.3 million in the fourth quarter of 2023, increased by 64.3%
from $1.4 million in the fourth quarter of 2022, primarily due to
the Company's dedication in expanding our research and development
efforts. We increased the number of research and development
projects and the number of employees to perform research and
development function in the fourth quarter of 2023 compared to the
fourth quarter of 2022.
Operating Income
Operating income was $37.1 million in the fourth quarter of
2023, increased by 145.7% from $15.1 million in the fourth
quarter of 2022.
Income Tax Expenses
Income tax expenses were $7.3 million in the fourth quarter
of 2023, increased by 204.2% from $2.4 million in the fourth
quarter of 2022.
Net Income
Net income was $35.6 million in the fourth quarter of 2023,
an increase of 184.8% from $12.5 million in the fourth quarter
of 2022. Net income margin increased to 14.5% in the fourth quarter
of 2023 from 9.9% in the fourth quarter of 2022.
Basic and Diluted Earnings per Share
Basic and diluted earnings per share were $0.87 in the fourth
quarter of 2023, compared to $0.31 in the fourth quarter of
2022.
Adjusted EBITDA
Adjusted EBITDA7 was $43.8 million in the fourth quarter of
2023, increased by 188.2% from $15.2 million in the fourth
quarter of 2022.
___________________________________1 Adjusted EBITDA
is a non-GAAP financial measure. For more information on the
non-GAAP financial measure, please see the section of “Non-GAAP
Financial Measure” and the table captioned “Unaudited
Reconciliation of Adjusted EBITDA” set forth at the end of this
press release.2 GigaCloud Marketplace GMV means the
total gross merchandise value of transactions ordered through our
GigaCloud Marketplace including GigaCloud 3P and GigaCloud 1P,
before any deductions of value added tax, goods and services tax,
shipping charges paid by buyers to sellers and any refunds.3
Active 3P sellers means sellers who have sold a product in
GigaCloud Marketplace within the last 12-month period, irrespective
of cancellations or returns.4 Active buyers means
buyers who have purchased a product in the GigaCloud Marketplace
within the last 12-month period, irrespective of cancellations or
returns.5 Spend per active buyer is calculated by
dividing the total GigaCloud Marketplace GMV within the
last 12-month period by the number of active buyers as of
such date.6 3P seller GigaCloud Marketplace GMV means
the total gross merchandise value of transactions sold through our
GigaCloud Marketplace by 3P sellers, before any deductions of value
added tax, goods and services tax, shipping charges paid by buyers
to sellers and any refunds.7 Adjusted EBITDA is a
non-GAAP financial measure. For more information on the non-GAAP
financial measure, please see the section of “Non-GAAP Financial
Measure” and the table captioned “Unaudited Reconciliation of
Adjusted EBITDA” set forth at the end of this press release.
Balance Sheet
As of December 31, 2023, the Company had cash of
$183.3 million and restricted cash of $0.9 million,
compared to $143.5 million and $1.5 million as of
December 31, 2022, respectively.
Cash Flow
Net cash provided by operating activities was
$133.5 million in the year ended December 31, 2023,
compared to net cash provided by operating activities of
$49.7 million in the year ended December 31, 2022,
primarily attributable to net income of $94.1 million in the
year ended December 31, 2023, adjusted primarily by
prepayments and other assets, accrued expenses and other current
liabilities, income tax payable, inventories, accounts payable, and
accounts receivable.
Net cash used in investing activities was $90.5 million in the
year ended December 31, 2023 compared to $0.7 million in
the year ended December 31, 2022, consisting primarily of
acquisitions, with the cash payment of $86.6 million in the year
ended December 31, 2023.
Net cash used in financing activities was $4.0 million in
the year ended December 31, 2023, compared to net cash
provided by financing activities of $31.9 million in the year
ended December 31, 2022, consisting primarily of repayment of
finance lease obligations of $2.2 million in the year ended
December 31, 2023 and payment of share repurchase of $1.6
million in the year ended December 31, 2023.
Acquisitions
In October 2023, we completed the acquisition of Noble House
Home Furnishings LLC, or Noble House, a leading B2B distributor of
indoor and outdoor home furnishings, for an aggregate consideration
of approximately $77.6 million. The Noble House acquisition was
funded using cash on hand from operations. The acquisition added
valuable assets, including but not limited to, inventory,
warehouses leases, intangible assets including technology assets,
and other assets which can be further utilized and to supplement
our B2B ecommerce ecosystem.
The acquisition of Noble House added six warehouses with
approximately 2.4 million square feet to our warehousing network in
the U.S., and one warehouse with approximately 0.1 million square
feet in Canada. We also increased the number of product SKUs,
particularly in outdoor furnishings, to our GigaCloud Marketplace
through this acquisition. We plan to utilize Noble House’s
footprint in India to broaden our suppliers base, and in Canada to
expand the end markets that we serve, attract more sellers and
buyers on our Marketplace. We believe the Noble House acquisition
would contribute additional sales channels and business
relationships to further complement our B2B ecommerce
ecosystem.
In November 2023, we completed the acquisition of a 100% equity
interest of Apexis, Inc., a Florida corporation dba Wondersign, or
Wondersign, for an aggregate purchase price of approximately $10.0
million. The Wondersign acquisition was funded using cash on hand
from operations. Wondersign is a cloud-based interactive digital
signage and e-catalog management SaaS company headquartered in
Tampa, Florida with access to thousands of storefronts across the
United States through its customers. Wondersign develops and
maintains “Catalog Kiosk,” a leading digital catalog software that
allows retailers to display an endless aisle of products and better
connect with today’s omni-channel shoppers. We believe that the
acquisition of Wondersign would help us achieve our goal in making
GigaCloud Marketplace a customer-facing and seamless platform,
providing a user-friendly experience for both platform participants
and retail store customers.
Noble House contributes product revenues to our GigaCloud 1P and
off-platform ecommerce revenue streams, while Wondersign
contributes service revenues through its catalog subscription
services, and product revenues through the sales of its Catalog
Kiosk displays.
The financial impact from the acquisitions of Noble House and
Wondersign was reflected in our financial results in the fourth
quarter of 2023. The operating impact from these acquisitions has
not been reflected in the operating metrics in our GigaCloud
Marketplace in the fourth quarter of 2023.
Warehouse Fire
On March 9, 2024, one of the Company’s warehouses in Japan
suffered damages due to a warehouse fire. While the Company is
still evaluating the impact caused by the warehouse fire, the
Company estimated approximately $1.8 million in damages with
respect to the cost of its inventory held at the warehouse. The
Company has insurance coverage associated with the damages to the
inventory and warehouse equipment. Furthermore, the Company has a
total of four warehouses in Japan and the Company has shifted our
warehousing operations in Japan to the other three warehouses to
minimize any disruptions to the Company’s operations in Japan.
Share Repurchase Program
The Company established a share repurchase program in June 2023
under which the Company may purchase up to $25.0 million of its
Class A ordinary shares, par value $0.05, over a 12-month period.
From the launch of the share repurchase program on June 14, 2023 to
December 31, 2023, the Company in aggregate purchased
approximately 215,000 Class A ordinary shares in the open market at
a total consideration of approximately $1.6 million pursuant to the
share repurchase program. During our fourth fiscal quarter of 2023,
we did not repurchase any Class A ordinary shares.
Business Outlook
The Company expects its total revenues to be between
$230 million and $240 million in the first quarter of
2024. This forecast reflects the Company’s current and preliminary
views on the market and operational conditions, which are subject
to change and cannot be predicted with reasonable accuracy as of
the date hereof.
Conference Call
The Company will host an earnings conference call to discuss its
financial results at 8:30 am U.S. Eastern Time (8:30 pm
Beijing/Hong Kong Time) on March 18, 2024.
For participants who wish to join the call, please access the
link provided below to complete the online registration
process.
Registration
Link: https://register.vevent.com/register/BI81d3392a6ff646c69fe25f848272517b
Upon registration, participants will receive the dial-in number
and unique PIN, which can be used to join the conference call. If
participants register and forget their PIN or lose their
registration confirmation email, they may simply re-register and
receive a new PIN. All participants are encouraged to dial in 15
minutes prior to the start time.
A live and archived webcast of the conference call will be
accessible on the Company’s investor relations website at:
https://investors.gigacloudtech.com/.
About GigaCloud Technology Inc
GigaCloud Technology Inc is a pioneer of global end-to-end B2B
ecommerce solutions for large parcel merchandise. The Company’s B2B
ecommerce platform, which it refers to as the “GigaCloud
Marketplace,” integrates everything from discovery, payments and
logistics tools into one easy-to-use platform. The Company’s global
marketplace seamlessly connects manufacturers, primarily in Asia,
with resellers, primarily in the U.S., Asia and Europe, to execute
cross-border transactions with confidence, speed and efficiency.
The Company offers a truly comprehensive solution that transports
products from the manufacturer’s warehouse to the end customer’s
doorstep, all at one fixed price. The Company first launched its
marketplace in January 2019 by focusing on the global furniture
market and has since expanded into additional categories such as
home appliances and fitness equipment. For more information, please
visit the Company’s website:
https://investors.gigacloudtech.com/.
Non-GAAP Financial Measures
The Company uses Adjusted EBITDA, which is net income excluding
interest, income taxes and depreciation, further adjusted to
exclude share-based compensation expense, a non-GAAP financial
measure, to understand and evaluate its core operating performance.
Non-GAAP financial measures, which may differ from similarly titled
measures used by other companies, are presented to enhance
investors’ overall understanding of our financial performance and
should not be considered a substitute for, or superior to, the
financial information prepared and presented in accordance with
U.S. GAAP.
For more information on the non-GAAP financial measures, please
see the table captioned “Unaudited Reconciliation of Adjusted
EBITDA” set forth at the end of this press release.
Forward-Looking Statements
This press release contains “forward-looking statements”.
Forward-looking statements reflect our current view about future
events. These forward-looking statements involve known and unknown
risks and uncertainties and are based on the Company’s current
expectations and projections about future events that the Company
believes may affect its financial condition, results of operations,
business strategy and financial needs. Investors can identify these
forward-looking statements by words or phrases such as “may,”
“will,” “could,” “expect,” “anticipate,” “aim,” “estimate,”
“intend,” “plan,” “believe,” “is/are likely to,” “propose,”
“potential,” “continue” or similar expressions. The Company
undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company’s registration statement and other
filings with the SEC.
For investor and media inquiries, please
contact:
GigaCloud Technology Inc
Investor Relations Email: ir@gigacloudtech.com
ICR Inc.
Ryan Gardella Email: GigacloudIR@icrinc.com
|
|
|
GigaCloud Technology Inc UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands
except for share data and per share data) |
|
|
| |
December 31, |
|
December 31, |
|
|
|
2022 |
|
|
|
2023 |
|
| ASSETS |
|
|
|
| Current
assets |
|
|
|
| Cash |
$ |
143,531 |
|
|
$ |
183,283 |
|
| Restricted cash |
|
1,545 |
|
|
|
885 |
|
| Accounts receivable, net |
|
27,142 |
|
|
|
58,876 |
|
| Inventories |
|
78,338 |
|
|
|
125,615 |
|
| Prepayments and other current
assets |
|
7,566 |
|
|
|
17,516 |
|
| Total current
assets |
|
258,122 |
|
|
|
386,175 |
|
| Non-current
assets |
|
|
|
| Operating lease right-of-use
assets |
|
144,168 |
|
|
|
398,922 |
|
| Property and equipment,
net |
|
13,053 |
|
|
|
24,614 |
|
| Intangible assets, net |
|
— |
|
|
|
8,367 |
|
| Goodwill |
|
— |
|
|
|
12,586 |
|
| Deferred tax assets |
|
75 |
|
|
|
1,440 |
|
| Other non-current assets |
|
3,182 |
|
|
|
8,173 |
|
| Total non-current
assets |
|
160,478 |
|
|
|
454,102 |
|
| Total
assets |
$ |
418,600 |
|
|
$ |
840,277 |
|
| LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
| Current
liabilities |
|
|
|
| Current portion of long-term
borrowings |
$ |
207 |
|
|
$ |
— |
|
| Accounts payable (including
accounts payable of VIEs without recourse to the Company of $4,185
and $8,200 as of December 31, 2022 and December 31, 2023,
respectively) |
|
31,573 |
|
|
|
63,125 |
|
| Contract liabilities
(including contract liabilities of VIEs without recourse to the
Company of $385 and $736 as of December 31, 2022 and December 31,
2023, respectively) |
|
2,001 |
|
|
|
5,537 |
|
| Current operating lease
liabilities (including current operating lease liabilities of VIEs
without recourse to the Company of $1,864 and $1,305 as of December
31, 2022 and December 31, 2023, respectively) |
|
27,653 |
|
|
|
57,949 |
|
| Income tax payable (including
income tax payable of VIEs without recourse to the Company of $280
and $3,644 as of December 31, 2022 and December 31, 2023,
respectively) |
|
4,142 |
|
|
|
15,212 |
|
| Accrued expenses and other
current liabilities (including accrued expenses and other current
liabilities of VIEs without recourse to the Company of $442 and
$2,774 as of December 31, 2022 and December 31, 2023,
respectively) |
|
37,062 |
|
|
|
57,319 |
|
| Total current
liabilities |
|
102,638 |
|
|
|
199,142 |
|
| Non-current
liabilities |
|
|
|
| Operating lease liabilities,
non-current (including operating lease liabilities, non-current of
VIEs without recourse to the Company of $3,322 and $553 as of
December 31, 2022 and December 31, 2023, respectively) |
|
116,564 |
|
|
|
343,511 |
|
| Deferred tax liabilities |
|
472 |
|
|
|
3,795 |
|
| Finance lease obligations,
non-current |
|
867 |
|
|
|
111 |
|
| Non-current income tax
payable |
|
2,894 |
|
|
|
3,302 |
|
| Total non-current
liabilities |
|
120,797 |
|
|
|
350,719 |
|
| Total
liabilities |
$ |
223,435 |
|
|
$ |
549,861 |
|
| Commitments and
contingencies |
|
|
|
| Shareholders’
equity |
|
|
|
| Treasury shares, at cost
(4,624,039 and 294,029 shares held as of December 31, 2022 and
December 31, 2023, respectively) |
$ |
(231 |
) |
|
$ |
(1,594 |
) |
| Subscription receivable from
ordinary shares |
|
(81 |
) |
|
|
— |
|
| Class A ordinary shares ($0.05
par value, 50,673,268 shares authorized, 31,357,814 and 31,738,632
shares issued as of December 31, 2022 and December 31, 2023,
respectively, 31,357,814 and 31,455,148 shares outstanding as of
December 31, 2022 and December 31, 2023, respectively) |
|
1,568 |
|
|
|
1,584 |
|
| Class B ordinary shares ($0.05
par value, 9,326,732 shares authorized, issued and outstanding as
of both December 31, 2022 and December 31, 2023) |
|
466 |
|
|
|
466 |
|
| Additional paid-in
capital |
|
109,049 |
|
|
|
111,736 |
|
| Accumulated other
comprehensive income |
|
804 |
|
|
|
526 |
|
| Retained earnings |
|
83,590 |
|
|
|
177,698 |
|
| Total shareholders’
equity |
|
195,165 |
|
|
|
290,416 |
|
| Total liabilities and
shareholders’ equity |
$ |
418,600 |
|
|
$ |
840,277 |
|
|
|
|
GigaCloud Technology Inc UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME(In thousands except for share data and per
share data) |
|
|
| |
Three months ended December 31 |
|
Year ended December 31, |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
| Revenues |
|
|
|
|
|
|
|
| Service revenues |
$ |
36,069 |
|
|
$ |
69,336 |
|
|
$ |
140,628 |
|
|
$ |
199,184 |
|
| Product revenues |
|
89,535 |
|
|
|
175,401 |
|
|
|
349,443 |
|
|
|
504,647 |
|
| Total
revenues |
|
125,604 |
|
|
|
244,737 |
|
|
|
490,071 |
|
|
|
703,831 |
|
| Cost of
revenues |
|
|
|
|
|
|
|
| Services |
|
29,927 |
|
|
|
57,291 |
|
|
|
120,102 |
|
|
|
161,215 |
|
| Product sales |
|
69,003 |
|
|
|
117,609 |
|
|
|
286,855 |
|
|
|
353,983 |
|
| Total cost of
revenues |
|
98,930 |
|
|
|
174,900 |
|
|
|
406,957 |
|
|
|
515,198 |
|
|
Gross profit |
|
26,674 |
|
|
|
69,837 |
|
|
|
83,114 |
|
|
|
188,633 |
|
| Operating
expenses |
|
|
|
|
|
|
|
| Selling and marketing
expenses |
|
6,256 |
|
|
|
14,004 |
|
|
|
24,038 |
|
|
|
41,386 |
|
| General and administrative
expenses |
|
3,931 |
|
|
|
13,130 |
|
|
|
22,627 |
|
|
|
30,008 |
|
| Research and development
expenses |
|
1,426 |
|
|
|
2,344 |
|
|
|
1,426 |
|
|
|
3,925 |
|
| Losses on disposal of property
and equipment |
|
— |
|
|
|
3,236 |
|
|
|
— |
|
|
|
3,236 |
|
| Total operating
expenses |
|
11,613 |
|
|
|
32,714 |
|
|
|
48,091 |
|
|
|
78,555 |
|
|
Operating income |
|
15,061 |
|
|
|
37,123 |
|
|
|
35,023 |
|
|
|
110,078 |
|
| Interest expense |
|
(129 |
) |
|
|
(108 |
) |
|
|
(568 |
) |
|
|
(1,240 |
) |
| Interest income |
|
254 |
|
|
|
1,293 |
|
|
|
472 |
|
|
|
3,304 |
|
| Foreign currency exchange
gains (losses), net |
|
(1,024 |
) |
|
|
4,239 |
|
|
|
(4,854 |
) |
|
|
2,086 |
|
| Government grants |
|
1,085 |
|
|
|
438 |
|
|
|
1,085 |
|
|
|
911 |
|
| Others, net |
|
(396 |
) |
|
|
(137 |
) |
|
|
6 |
|
|
|
(144 |
) |
|
Income before income taxes |
|
14,851 |
|
|
|
42,848 |
|
|
|
31,164 |
|
|
|
114,995 |
|
| Income tax expense |
|
(2,375 |
) |
|
|
(7,273 |
) |
|
|
(7,192 |
) |
|
|
(20,887 |
) |
| Net
income |
$ |
12,476 |
|
|
$ |
35,575 |
|
|
$ |
23,972 |
|
|
$ |
94,108 |
|
| Accretion of Redeemable
Convertible Preferred Shares |
|
— |
|
|
|
— |
|
|
|
(941 |
) |
|
|
— |
|
| Net income
attributable to ordinary shareholders |
|
12,476 |
|
|
|
35,575 |
|
|
|
23,031 |
|
|
|
94,108 |
|
| Foreign currency translation
adjustment, net of nil income taxes |
|
3,440 |
|
|
|
232 |
|
|
|
969 |
|
|
|
(278 |
) |
| Total other
comprehensive income (loss) |
|
3,440 |
|
|
|
232 |
|
|
|
969 |
|
|
|
(278 |
) |
| Comprehensive
Income |
|
15,916 |
|
|
|
35,807 |
|
|
|
24,941 |
|
|
|
93,830 |
|
| Net income per
ordinary share |
|
|
|
|
|
|
|
|
—Basic |
$ |
0.31 |
|
|
$ |
0.87 |
|
|
$ |
0.60 |
|
|
$ |
2.31 |
|
|
—Diluted |
$ |
0.31 |
|
|
$ |
0.87 |
|
|
$ |
0.60 |
|
|
$ |
2.30 |
|
| Weighted average
number of ordinary shares outstanding used in computing net income
per ordinary share |
|
|
|
|
|
|
|
|
—Basic |
|
40,692,080 |
|
|
|
40,770,882 |
|
|
|
24,412,314 |
|
|
|
40,788,448 |
|
|
—Diluted |
|
40,692,080 |
|
|
|
40,901,772 |
|
|
|
24,412,314 |
|
|
|
40,922,590 |
|
|
|
|
GigaCloud Technology Inc UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) |
|
|
| |
Year ended December 31, |
|
|
|
2022 |
|
|
|
2023 |
|
| Cash flows from
operating activities: |
|
|
|
| Net
income |
$ |
23,972 |
|
|
$ |
94,108 |
|
| Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
Allowance for doubtful accounts |
|
86 |
|
|
|
263 |
|
|
Inventory write-down |
|
318 |
|
|
|
671 |
|
|
Deferred tax |
|
183 |
|
|
|
398 |
|
|
Share-based compensation |
|
9,196 |
|
|
|
2,503 |
|
|
Depreciation and amortization |
|
1,386 |
|
|
|
2,873 |
|
|
Loss from disposal of property and equipment |
|
4 |
|
|
|
3,236 |
|
|
Operating lease |
|
2,389 |
|
|
|
2,485 |
|
|
Unrealized foreign currency exchange gains (losses) |
|
2,126 |
|
|
|
(972 |
) |
|
Interest expense of capital leases (ASC 840) |
|
— |
|
|
|
— |
|
| Changes in operating assets
and liabilities, net of businesses acquired: |
|
|
|
|
Accounts receivable |
|
(9,161 |
) |
|
|
(5,058 |
) |
|
Inventories |
|
2,785 |
|
|
|
(9,882 |
) |
|
Prepayments and other assets |
|
(1,384 |
) |
|
|
(9,249 |
) |
|
Accounts payable |
|
6,619 |
|
|
|
19,392 |
|
|
Contract liabilities |
|
(1,689 |
) |
|
|
1,473 |
|
|
Income tax payable |
|
(1,530 |
) |
|
|
10,977 |
|
|
Accrued expenses and other current liabilities |
|
14,356 |
|
|
|
20,234 |
|
| Net cash provided by
operating activities |
|
49,656 |
|
|
|
133,452 |
|
| Cash flows from
investing activities: |
|
|
|
|
Cash paid for purchase of property and equipment |
|
(709 |
) |
|
|
(4,380 |
) |
|
Cash received from disposal of property and equipment |
|
— |
|
|
|
462 |
|
|
Acquisitions, net of cash acquired |
|
— |
|
|
|
(86,629 |
) |
| Net cash used in
investing activities |
$ |
(709 |
) |
|
$ |
(90,547 |
) |
| Cash flows from
financing activities: |
|
|
|
|
Repayment of finance lease obligations |
$ |
(3,624 |
) |
|
$ |
(2,212 |
) |
|
Repayment of bank loans |
|
(312 |
) |
|
|
(197 |
) |
|
Payment of share repurchase |
|
— |
|
|
|
(1,594 |
) |
|
Proceeds from prepaid consideration of restricted shares |
|
1,578 |
|
|
|
— |
|
|
Proceeds from initial public offering, net of IPO costs |
|
34,245 |
|
|
|
— |
|
| Net cash provided by
(used in) financing activities |
|
31,887 |
|
|
|
(4,003 |
) |
| Effect of foreign currency
exchange rate changes on cash and restricted cash |
|
380 |
|
|
|
190 |
|
| Net increase in cash
and restricted cash |
|
81,214 |
|
|
|
39,092 |
|
| Cash and restricted cash at
the beginning of the year |
|
63,862 |
|
|
|
145,076 |
|
| Cash and restricted
cash at the end of the year |
|
145,076 |
|
|
|
184,168 |
|
| Supplemental
disclosure of cash flow information |
|
|
|
| Cash paid for interest
expense |
|
568 |
|
|
|
1,240 |
|
| Cash paid for income
taxes |
|
8,539 |
|
|
|
9,512 |
|
| Non-cash investing and
financing activities: |
|
|
|
| Purchase of property and
equipment under finance leases |
|
2,719 |
|
|
|
— |
|
| Share based awards
attributable to the IPO where no cash payment is required |
|
807 |
|
|
|
— |
|
| Reversal of subscription
receivable from ordinary shares |
|
— |
|
|
|
312 |
|
| Fair value of assets acquired
by acquisition |
|
— |
|
|
|
273,086 |
|
| Cash paid for business
combinations and asset purchases |
|
— |
|
|
|
87,568 |
|
| Liabilities assumed by
acquisition |
$ |
— |
|
|
$ |
(185,518 |
) |
|
|
|
GigaCloud Technology IncUNAUDITED
RECONCILIATION OF ADJUSTED EBITDA(In
thousands) |
|
|
| |
Three Months EndedDecember
31, |
|
Years Ended December 31, |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
| Net
Income |
$ |
12,476 |
|
|
$ |
35,575 |
|
|
$ |
23,972 |
|
|
$ |
94,108 |
|
| Add: Income tax expense |
|
2,375 |
|
|
|
7,273 |
|
|
|
7,192 |
|
|
|
20,887 |
|
| Add: Interest expense |
|
129 |
|
|
|
108 |
|
|
|
568 |
|
|
|
1,240 |
|
| Less: Interest income |
|
(254 |
) |
|
|
(1,293 |
) |
|
|
(472 |
) |
|
|
(3,304 |
) |
| Add: Depreciation and
amortization |
|
349 |
|
|
|
1,723 |
|
|
|
1,386 |
|
|
|
2,873 |
|
| Add: Share-based compensation
expenses |
|
110 |
|
|
|
429 |
|
|
|
9,196 |
|
|
|
2,503 |
|
| Adjusted
EBITDA |
$ |
15,185 |
|
|
$ |
43,815 |
|
|
$ |
41,842 |
|
|
$ |
118,307 |
|
GigaCloud Technology (NASDAQ:GCT)
Historical Stock Chart
From Apr 2024 to May 2024
GigaCloud Technology (NASDAQ:GCT)
Historical Stock Chart
From May 2023 to May 2024
